Questions what is the main features of the socialist economy?

Economic ideas in ancient Chinese thoughts.

Key words: Confucius, Laozi, In, Yin Yang.
Chinese have their school of economics. Not recognized as a discipline, it can be extracted from Confucian doctrine. Called here “Confucian economics,” it is a form of ethics. Its seven consecutive principles are identified for the first time. They differ from and overlap with the corresponding principles of liberal economics. People are assumed to seek posterity rather than care for “instant gratification.” Physical resources they need are not viewed as scarce but as abundant. To survive under abundance, people rely on their work effort rather than try to take resources away from others. “Work ethics” and not a “profit margin” is a key motive. People work not for themselves but for others, basically families. As a source of moral rules, family is viewed as the main “work unit” and not the individual. Equality of income is paramount for retaining social peace, which precedes economic efficiency. Built on Confucian principles, economic system is basically a market system. However, it is animated not by individuals but by families. This design is called here “Confucian system.” Rather than to build based on liberal economics “capitalist system,” recent China is rebuilding “Confucian system.” Drawn from ancient teachings, “Confucian economics” is China's modernity.

98. 
    Main economic ideas in Islam.
    

Key words: family, muslims, traditions.
Main purpose of Islamic ideas tries to promote human brotherhood, socio-economic justice and the well-being of all through an integrated role of moral values, market mechanism, families, society, and 'good governance.

According to economist Muhammad Akram Khan the "main plank" of Islamic economics is the "theory of riba", while "another landmark" is zakat, a tax on wealth and income. According to another contemporary writer Salah El-Sheikh, "Islamic economic principles" (what he calls a "FiqhiConomic model") utilize the Faqih (Islamic jurisprudence) as supporting material, but are grounded upon the ethical teachings within the Qu'rān. Sharīah's basic tenets involve gharar and (fadl māl bilā 'iwad). Gharar insists all knowledge about a trade or transaction is known before two individuals complete a transaction and (fadl māl bilā 'iwad) warns against unjustified enrichment through trade and business. These tenets were "among the first economic regulations" and their philosophy can be seen today in modern Capitalism. Within Sharīah, El-Sheikh states, Gharar functions as a divine deterrent against asymmetric information and allows trade to prosper. Riba, ensures each transaction is conducted at a fair price, not allowing one party to benefit exceedingly, which shares a parallel philosophy with Karl Marx "Das Kapital": seeking a greater outcome for the community.

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